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Safety and high returns: Banks that offer up to 7.25% interest on 3-year FDs
Bank of Baroda, Axis Bank and HDFC Bank offer interest rates between 7.25 and 7 percent on three-year FDs.
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With the Reserve Bank of India keeping the key interest rate, the repo rate, steady at 6.5% for a long time, financial advisors now expect the rates to decline over the next few months if inflation remains under control. Thus, this is a good time to invest in fixed deposits (FD) and lock in high interest rates. FDs offer liquidity and assured interest income. Here are the top 10 banks (by term deposit holdings) that offer the highest interest rates on three-year fixed deposits. Bankbazaar has compiled the data.
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The key parameter for identifying these banks is their term deposit holdings. The best rates offered by these banks on three-year FDs (of up to Rs 1 crore) for resident, retail, and non-senior citizens have been taken into account. The value is calculated based on quarterly compounding of interest. The data is as of April 16, 2024.
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Bank of Baroda offers a 7.25 percent interest rate on three-year FDs. Rs 1 lakh invested for three years will grow to Rs 1,24,055 lakh.
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Axis bank offers an interest rate of 7.10 percent interest rate on three-year FDs. Rs 1 lakh invested for three years will grow to Rs 1,23,508 lakh.
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ICICI Bank, Punjab National Bank and HDFC Bank offer an interest rate of 7 percent interest rate on three-year FDs. Rs 1 lakh invested for three years will grow to Rs 1,23,144 lakh.
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Canara Bank offers a 6.80 percent interest rate on three-year FDs. Rs 1 lakh invested for three years will grow to Rs 1,22,420 lakh.
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At 6.75 percent, the State Bank of India (SBI) offers a marginal lower interest rate on three-year FDs compared to peers. Rs 1 lakh invested for three years will grow to Rs 1,22,239 lakh.
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Bank of India and Union Bank of India offer an interest rate of 6.5 percent on three-year FDs. Rs 1 lakh invested for three years will grow to Rs 1,21,341 lakh.
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Indian Bank offers an interest rate of 6.25 percent interest rate on three-year FDs. Rs 1 lakh invested for three years will grow to Rs 1,20,448 lakh.
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The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
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